Satan rebels against God, God casts him and his buddies out, and God is all like, "all right, get out of here you jerks, go torment my stupid, ugly, sinful abomi... er, BELOVED CHILDREN, yes that's what I meant, for a few thousand years. I have to play some online poker or something."
I always thought of it as more like:
*throws Satan out the window* And Stay Out!
Crap. What did he hit? *Looks out window* Damn. I'll have to do something about that. *looks at schedule* But not right now. I'm too busy right now.
Though from what little I know of Milton's version, yeah, you've pretty much got it.